Do Bitcoin Miners Need Product Managers?
You may have heard of bitcoins. It’s crazy! People are creating their own product definitions and inventing new currencies. This currency is not tied to any country or government. It “lives” in all the computers that make up the Internet. Although the math behind it may seem complicated, it seems to be growing more popular. You can also buy items using bitcoins. Microsoft recently announced they would accept bitcoin as payment for products. What does this all mean for product managers?
To play in the world of bitcoins, you have to become a miner.
Here’s how bitcoins work. Bitcoins were not available at the beginning. People started to run a computer program (“mining”). This program solved a math puzzle. They would receive bitcoins for solving the problem. Everyone returned to work after the math problem became more difficult.
People started accepting bitcoins in exchange for real-world goods as they became more common. When other people realized this was happening, they became motivated to mine more. To solve the math problem faster, larger and more powerful computers were required. The investments in data center resources made it possible for what was once a hobby to be done at home with spare computers to become an industrial operation within a matter of hours.
This whole “print your money” scheme had one problem like “real world currencies” like the dollar, euro, and yen, so too with bitcoins. The exchange rate for bitcoins does not have a fixed value. This means that the value of your bitcoins can fluctuate from day today. A big downturn in bitcoins’ value could have a significant impact on your business’ profitability if your company is involved in mining.
How to Stay in Business in the World of Bitcoins
Product managers have to be able to show that they are product managers. This means that we must ensure that our company is successful, regardless of the product or service we sell. A bitcoin miner sells a mining service that creates more bitcoins. We need to be aware of the bitcoin value because the more bitcoins are created, the less money we will have to use.
Bitcoins are created by computers solving math problems. The company will receive more bitcoins if the math problem has been solved. Computers are getting faster, which is making it easier for more companies to enter this market. Product managers need to ensure that their company has the ability to increase its capacity and create computing resources.
The world of bitcoins seems like an unresolved frontier right now. Although the rules are not yet in place, there is still a lot of money to be made. Product managers play an essential role in keeping the company they work for afloat. They monitor bitcoin exchange rates and ensure that bitcoin mining capacity can be maximized.
What Does All This Mean for You?
Talk about a challenge! If you are looking for a challenge, product managers should be working for a company in the mining of bitcoins. We can’t look to any other product manager or firm for guidance when we are in this position. This is a great challenge!
A number of computers are used by the company to solve math problems. Once solved, they will give the company the funds it needs to continue. We, as product managers, need to be aware of the current bitcoin exchange rate. We must also be open to new ways to increase the computing power that is used to create bitcoins.
It is a very crowded market and may get more so as more companies enter it. A product manager can guide his or her company in a constantly changing market by being a strong leader. This job is for you if you’re looking for an adventure!